HUD Announces HOTMA Compliance Delay
(Sept. 24, 2024) On Sept. 20th, the U.S. Department of Housing and Urban Development (HUD) announced a six-month delay to compliance requirements for the Housing Opportunity Through Modernization Act (HOTMA). The initial compliance date of Jan. 1, 2025 has been revised to July 1, 2025.
HUD is now expecting Multifamily Housing owners to be in full compliance with the HOTMA final rule and HUD’s updated income and asset documentation requirements for income certifications having an effective date on or after July 1, 2025. Housing providers should continue using current (pre-HOTMA) rules and policies in the meantime.
HOTMA makes many key changes to affordable housing rules, including establishing a limit on resident assets in order to be eligible for certain HUD rental assistance. However, housing providers can opt out of enforcing the new asset limit on in-place residents by adding an exemption policy to their HOTMA-compliant Tenant Selection Plans (TSPs).
LeadingAge had advocated for clear communication from HUD on delays, compliance requirements, and resources. HUD has yet to release additional materials, such as a HOTMA-compliant model lease or updated forms. The Tenant Rental Assistance Certification System (TRACS) has also not yet been updated to reflect HOTMA changes.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866